Pixelworks To Sell 2.63 Mln Shares Of At Price Of $3.50 Per Share - Quick Facts

(RTTNews) - Pixelworks Inc. (PXLW) announced details of its previously announced public offering of common stock. Pixelworks has agreed to sell 2.63 million shares of its common stock at a price of $3.50 per share, and has granted the underwriter an option to purchase up to 394,500 additional shares of common stock to cover over-allotments, if any. Subject to the satisfaction of customary conditions, the offering is expected to close on or about August 21, 2013.

Roth Capital Partners will act as the sole manager of the offering.

Pixelworks said it intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, increasing our working capital, financing of ongoing operating expenses and overhead, and funding of capital expenditures, such as the continued development of solutions for the multimedia projector, high-end television, and mobile device markets. Pending the application of the net proceeds, Pixelworks may invest the proceeds in marketable securities and short-term investments.